Stock Exchange: Equity market closes the week 0.9% lower

The MSE Share Index closed the week 0.9 per cent lower at 3,506.881 points as various equities closed in negative territory this week, including the two large banks.

HSBC Bank Malta plc eased 0.8 per cent lower during the past five sessions to the €3.03,5 level despite this week’s announcement that the bank performed strongly since the start of 2010.

Moreover, Bank of Valletta plc shed a further 2.1 per cent to the €3.26 level as the equity traded without the right to the interim dividend which will be paid on May 28.

BOV’s share price has shed 3.1 per cent since the publication of its half-year results on April 30.

Malta International Airport plc this morning slumped 1.9 per cent to drop back to the €3.14 level on just two trades amounting to 1,400 shares.

The airport operator this week held itsannual general meeting during which shareholders approved all the items on the agenda including a two-for-one share split. The split will be effective on June 1.

On the other hand, MaltaPost’s share price remained well supported at its 25-month high of €0.88 as a further 18,957 shares were exchanged this morning.

This equity closed the week 2.3 per cent higher following a positive reaction to the interim results published yesterday.

During the first six months of the current financial year (ended March 31) MaltaPost benefited from higher revenues but was also hit by a higher increase in costs. The postal operator registered a marginal increase in profit to €1.18 million.

Investors attention will now be shifting towards the bond issues of Simonds Farsons Cisk plc, Eden Finance plc and the three new Malta Government Stock issues.

Subscriptions open next Monday and close on Wednesday. Tenders for amounts greater than €100,000 (nom) close on Friday at noon.

The prices of the new stocks were established as follows: the 3.75% MGS 2015 (VI) at 102.80% (YTM: 3.19% per annum); the 4.6% MGS 2020 (II) at 102.50% (YTM: 4.29% per annum); and the 5.25% MGS 2030 at 99.50% (YTM: 5.29% per annum).

Further details on these issues and the relevant prospectuses can be found at:

www.rizzofarrugia.com